Employers are experiencing angst tied to tax laws and the shifting nature of the regulatory landscape overall. According to the ADP Research Institute® report, Preparing for HR & Tax Compliance Changes, many firms believe they risk violating one or more aspects of ACA reporting. In addition, only about 20 percent of organizations have a plan to manage compliance with greater EEOC reporting requirements.
Things Change, But Also Stay the Same
The ADP report, Preparing for HR & Tax Compliance Changes, makes it clear that, although laws will change and compliance requirements will evolve, there are certainties that employers can use as a foundation for their compliance efforts:
According to the ADP report, for employers, "three things remain firm:
- Employers must still comply with laws that are on the books,
- Every organization with employees needs to be prepared for what comes next, and
- Uncertainty may prompt many employers to seek a port in the storm — which might include a trusted partner with compliance expertise, regardless of what legislative changes may occur."
The Strategic Use of Available Resources
Monitoring the proposed changes, separating what's possible from what's probable and preparing for policies that are actually enacted without legal challenges while pursuing compliance with actual laws currently on the books can be time-consuming and daunting. As ADP reports, for finance leaders, exercising the strategic use of available resources for effective tax compliance is critical. Therefore, because regulatory compliance is critical, but not a competitive advantage, outsourcing this capability to an entity that can provide the tools and processes needed could ultimately reap both cost-savings rewards and significant peace of mind.
Want to learn more about how your organization can remain compliant with your organization's tax compliance needs? Read the ADP report, Preparing for HR & Tax Compliance Changes.
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